Africa’s industrial transformation is increasingly being shaped by private capital that combines long-term vision with operational resilience. Among the investors driving this evolution is the Oswal Group Global, an Indian-origin multibillion-dollar family conglomerate with ventures spanning mining, manufacturing, and renewable energy across multiple continents, with a strong focus on Africa.
Led by patriarch Pankaj Oswal and his daughters Vasundhara and Riddhi, the group’s investments illustrate how entrepreneurial continuity can align with the continent’s twin goals of industrialisation and energy transition.
Building a Green Industrial Base in East Africa
The Oswal family’s current flagship project is PRO Industries, a USD 100 million biofuel facility in Luwero, Uganda. Commissioned in October 2024, the plant is the largest of its kind in East Africa, producing 120,000 litres of extra neutral alcohol and 35,000 litres of fuel ethanol daily. Approximately 80% of the company’s extra neutral alcohol is exported across East Africa, including to Tanzania, Burundi, Rwanda, and the DRC, as well as to leading multinational alcoholic beverage companies Diageo and Distell, which Heineken acquired in 2023.
Under the leadership of Vasundhara Oswal, the project supports Uganda’s implementation of the Biofuels Act (2020), which mandates that all petrol sold domestically must contain a locally sourced ethanol blend starting in 2026. The country has taken the lead. Under the policy, fuel dealers must initially blend 5% ethanol into petrol, with plans to gradually increase the proportion of ethanol to 20% depending on local supply capacity.
The implications are significant. By leveraging its local agricultural resources to reduce its USD 2 billion annual fuel import bill, Uganda stands to strengthen both fiscal stability and energy sovereignty. PRO Industries’ integration into local agricultural supply chains further magnifies its developmental impact. It sources maize from more than 2,000 farmers and employs more than 500 workers, 80% of whom are Ugandan nationals. The company works closely with farmers, partnering with Stanbic Bank to accelerate financial inclusion. As part of a scheme the company set up with the bank, farmers can get loans from the financial institution by presenting a letter of purchase order—a commitment from the company to buy their output.
For Vasundhara, who holds a finance degree from a leading university in Switzerland, the project embodies a shift from extractive dependency toward value-added manufacturing. Her sister, Riddhi, a chemical engineering graduate from University College London, supports the group’s broader portfolio, which includes manufacturing and mineral projects across the continent. Together, they represent a generational pivot toward industrial diversification, green investment, and gender-inclusive leadership in a sector long dominated by men.
Legacy and Rule of Law in West Africa
The Oswal family’s African engagement began in Guinea, where Pankaj Oswal founded Axis Minerals in 2013. Entering the market at a time when few foreign investors were active, he anticipated the strategic importance of bauxite — the key raw material for aluminium, which underpins renewable energy infrastructure, electric vehicles, and lightweight construction.
Over the next decade, Axis Minerals became one of Guinea’s leading producers, exporting more than 40 million tonnes of bauxite by 2020. Its growth contributed to Guinea’s rise as the world’s second-largest exporter of the mineral, creating approximately 5,000 direct and indirect jobs.
In May 2025, however, the company’s mining licence was abruptly revoked by Guinea’s military authorities without prior notice or justification. Sources close to the company confirm its operations were fully compliant with all regulatory requirements. The suspension of operations left 5,000 Axis Minerals workers and subcontractors idle, raising questions about the predictability of Guinea’s investment climate. The company has since filed a USD 1 billion arbitration claim in New York, underscoring the critical role of contractual integrity and investor protection mechanisms, in a case that has become a bellwether for investor protection and the rule of law in the West African country.
Since May, the military regime, which human rights organisations have heavily criticised for its heavy-handed crackdown on political freedoms, has revoked over 300 mining permits in several successive waves. The government’s unilateral approach has cost more than 10,000 direct jobs, impacting many more livelihoods that they sustain across the country.
Continuity, Resilience, and the Next Chapter
Across three continents and spanning two generations, the Oswal family’s ventures exemplify a business model centred on value creation and national socio-economic impact. From Guinea’s red earth to Uganda’s green plains, the Oswals’ projects embody the convergence of extractive expertise and pioneering innovation at the forefront of sustainability. Their experience offers a clear message: Africa’s industrial rise will not be driven solely by state planning or external aid, but by private enterprises that combine strategic patience, technological competence, and faith in the continent’s future.
